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Keep Risk Tight on Australian Dollar

Keep Risk Tight on Australian Dollar

David Rodriguez, Head of Product

The Australian Dollar continues to hold below key resistance at $0.7800, but overall bearish momentum on the US Dollar suggests the pair may ultimately move above. We'll keep risks tight on our short position.

Indeed the US Dollar hangs on by a thread to key support levels across the board. The danger of a larger breakdown has grown, and we'll keep an especially close eye on the highly-anticipated US Federal Open Market Committee rate decision for next cues on direction.

See and comment on our original trade idea from last week via our charts.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.